In the last few years, there’s been an accelerated growth in blockchain technology regarding cryptocurrency. Both small and big brands are using NFTs to hook up their customers, and when it comes to the possibilities regarding investment, NFTs are being found as ordinary choices which are going to change as more and more big brands start using NFTs.
What is NFT (Non-Fungible Token)?
NFT is a digital asset, representing an object related to other forms of creative work like virtual real estate, virtual world, fashion and much more. NFTs mostly can be used to represent digital files, such as art, music, videos and games items. They are so protean.
Blockchain technology has created NFTs, but the thing that differentiates NFTs from other currencies is the eccentric interconnecting codes and metadata to identify one NFT from another. That’s the reason that it can not be merchandised or bartered at equations, proving a one-of-a-kind asset that can never be copied.
History of Cryptos
In 2017, a merge between Tamagothchi and trading cards in the form of Crypto kitties banged on the screen of the world, providing that each kitten is unique, worthy to be reproduced, raised and merchandised-some for as much as $140,000.
If you are ready to splash into the digital cash of Anything like Bitcoin, Ethereum, Fusion, Ripple and the number of other cryptos, it would look awkward, but you will find that NFTs are currently on a flight path “to the moon”.
NFT Mania
NFTs are digital collectibles created using blockchain technology. NFTs have produced a lot of heeds nowadays but they have subsisted for years.
In the early 90s, brands created advertisements to merchandise their products commercially. And it became a craze of creating and advertising first for static web pages and later for more proactive and more authoritative, as the internet arose and developed in the late 90s and early 2000s.
With the strong grip of the internet on everything, the merits of federalization, proprietorship and originality sparked a market for NFTs.
And that’s where the mania started and now this craze is at its peak among the brands.
By capturing the scrutiny of investors and brand owners around the world, NFTs have mesmerized the brands also to jump into the stream of this massively growing class.
NFT – a Flourishing Industry
NFTs no longer remain new in the market. All the eminent brands are getting into NFTs.
According to a firm, Market Decipher, in the year 2020, the worth of the market was $232 million, which smashed to $22 billion only a year later.
And expecting the NFT market to be worth more than $60 billion by the end of the year 2031.
Top NFT Market Places are OpenSea, Rarible, NBA Top Shot, Binance, Nifty Gateway and SuperRare.
So many brands are launching NFTs in the digital market to cope with upcoming trends of the metaverse.
Big Brands and NFTs – Match Made in Heavens
Big Brands are getting into NFTs head to toe.
Many brands and companies are blooming on the NFT hype, by using NFTs in a specific way to accomplish a higher level of manoeuvring different and unique adventures for the relative customer.
Some of the major brands that are leveraging NFTs;
| Coca-Cola |
| Nike |
| Gucci |
| Coachella |
| DOLce & Gabbana |
| Super Bowl |
| Adidas |
| Pepsi |
| Lamborghini |
| McDonald's |
| Burger King |
| Ray-Ban |
These brands have dipped their toes into NFT World, encouraging others to follow suite. NFTs are functioning as highly-in-demand possessions, by offering brands a broad way to extend their selling ability.
Brands like Adidas, Gucci and The Hundreds are giving privileges to their super fans in the form of tokens, tickets and cards.
An NFT built-in digital seal of reliability for a real object creates coherence in peer-to-peer exchange and can permit a brand to share correlated valuables more easily by using platforms that combine such kind of secondary merchandising into a branded market experience.
NFTs and High-end Fashion Brands
NFTs and Brands are working side by side in the present time. Brands like Dolce & Gabbana, Tommy Hilfiger, Forever21 and Paco Rabanne are outsetting new exemplars in generating fan-engaging opportunities on the runway of the Fashion Industry.
The virtual reality platform in Decentraland, held its first Metaverse Fashion Week, last March, free for everyone. Users simply logged into the web-based platform. Where the brands showcase digital garments on avatars walking on the virtual catwalks.
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That event also sold NFTs of all dresses and accessories from the brands available in the show.
NFTs As a Luxury
To provide uniqueness to the customers, even the best brands are using NFTs as a mandatory objective.
- Nike became the first globally popular digital brand as it purchased RTFKT, an NFT studio, a pioneer in developing several digital sneakers, in project partnership with brands like Atari Cryptopunks and FEWOCiOUS. Nike proved to be very smart at manoeuvring the ways to maintain the utility of their NFTs and the RTFKT community overall.
- The Californian winery Robert Mondavi, a reported case, decided to restore its reputation by launching the first wine label sold by NFT in the world, including 1966 exquisitely designed Limoges porcelain in 1.5 L bottles, packages available for purchase. Each NFT has a clue to unseal a bottle retailing for $3,500 as redemption, which would get a potential revenue of $6.9 million dollars.
NFTs for Charities and Fundraisers
NFTs have opened new gateways of opportunities for brands to change their ways of fundraising, both classic and cutting-edge, with food and fashion brands leading the way by practising social movements and campaigns.
- Coca-Cola, one of the most demanding brands of all time, declared that they would be minting a lone group of Four NFT tokens as a chunk in a charity auction for International Friendship Day.
The NFT Friendship Boxes trait a classic Coca-Cola cooler, a bubble jacket which can be used in a 3D virtual reality world – Decentraland, a friendship card and a sound visualizer which plays the sound of the drink being poured over ice, reinterpreting the original artwork in 1948, used in a set of Coca-Cola trading cards of the 90s.
The auction fell out on OpenSea. The winner received a real-life retro Coca-Cola refrigerator. The four individual assets are now split into NFTs for secondary use.
All Coca-Cola proceeds from the NFT auction (US$575,883) went to Special Olympics International.
- Gucci, an Italian fashion brand, took the digital runway by offering a newly minted NFT in an online auction in June while launching its Fall/Winter 2021 collection.
That auction took a week-long and ended with its final sale price of US$25,000.
The proceeds were donated to UNICEF USA to support the COVAX initiatives.
- Taco Bell, a fast-food brand, drove its brand awareness by auctioning 25 NFT GIFs on the NFT marketplace Rarible while supporting a good cause. The NFTs commemorated the iconic Taco dish as a blend of digital and physical worlds.
The buyer of the ‘Transformative Taco’ received an electronic card worth US$500 to spend when he likes. Each GIF started at a bidding price of US$1 and ended at US$3,646. All the 25 NFTs were sold within 30 minutes.
The proceeds were used for the Live Mac Scholarship, an organization supporting young people’s education.
Metaverse, The Future
Big Brands are spending more and more on NFTs because the future of the digital world is based upon the metaverse. The trend to adopt digital currency is becoming a major part of our lives, as brands are tending to indulge at full tilt in the stream of the digital world.
Brands are introducing membership programs to give special access to members-only. It may include content or discount, or tickets or passes for the events. As well as making it easy to track the record, and who has given them access to which event.
The Challenges of NFTs
NFTs are proliferating over the present era as big brands are using NFTs rigorously, to ensure their future in the digital world. If you talk about cryptocurrency, NFTs, digital wallets and web 3, public opinion is still an issue.
As it gathers a lot of curiosity about such technologies, comes the hesitation due to the uncertainty of the market. The general opinion is sceptical but at the same time intrigued. They can see something big happening, and wonder to be a part, as big brands are enjoying the digital mainstream of exclusivity and luxury.
The major issue of being impacted by the adoption of NFTs is that the majority do not belong to any digital wallet or any cryptocurrency to step into the future world. Only a particular group is enjoying cryptos right now.
So there lingers a hefty portion of sceptic disbelief among the general public objective regarding NFTs and the vast globe of blockchain.
Final Thought
The hype around NFTs is as real as it gets, and as more and more big brands are jumping onto the NFT bandwagon, denying its importance is not the way to go. Big brands are leveraging NFTs in unique ways and it's exciting to see so many diverse applications of NFTs.
Mona Wasti is an emerging, enthusiastic writer, and a freelancer. Curious about writings, she creates all sorts of great content that bridges brands and people to inspire them to take action. Let’s dive into the world of her WORDS….!
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